“The finest workers in stone are not copper or steel tools, but the gentle touches of air and water working at their leisure with a liberal allowance of time.” – Henry David Thoreau
I can amend the above quote a little and say “The finest workers in Elliott Wave analysis of Copper is not Goldman Sachs or any other name you choose, but the completion of an extended fifth wave, working with a liberal allowance of time” -Ramki Ramakrishnan
After you have read the link in the quote above, let us take a look at what I wrote back in December 2010. It was a bit ahead of time, because the end came only in February, and reached 462 (some $14 more than the preferred top). But what matters is IT WORKED! Today, we reached the 2nd wave of the extended fifth (at $318) a move of over 30% even from the 448 level. Give it enough time, and we could see Copper reach the prior fourth wave level of one lower degree, and that comes at 272 levels.
PS. SOme of you with sharp eyes would have noticed that I have changed the level where wave 2 was placed back in December 2010. But that does not affect the computation of the target for the extended fifth wave. Of course, you already know that because you have read my book “Five Waves to Financial Freedom” where detailed explanations are given!
Time analysis remains the greyest area of work for technical analysts. Elliott wave forecasts capture price and time is left to the mind..Users always want a free lunch but they will have to learn to handle time if they want to get the best of price. Any other solutions than sheer patience and discipline?
Elliott did attempt to offer some tentative solutions, but in his later works he sidelined this aspect because time is truly difficult to pin point. However, there are some guidelines concerning corrections that touch upon time, which I believe I have explained in the book, towards the end of the chapter dealing with simple corrections – zigzags
IS THIS GOOD TIME TO SELL COPPER?
Hello Prithvi, Tks for your question. I’m afraid that I am not giving individual trading advice at this time. Good luck!
Its only now since a few months, I guess, MCX real time data is now available on the MT4 platform. I use a particular software for trading crude and silver.
I use daily pivot levels and compare with international brokers such as GCI, Alpari and Forexyard.
I would like to install the Auto Elliot wave software on the platform, which can identify the first wave and plot the coming ones. Could you recommend a plug in for MT4 terminal please. I shall be thankful to you.
Hi Anonymous, I dont use any special software and hence don’t know of any good plugins. However, I suggest you post this question in the Forum that should be up in the next day or two.
It’s been a good 4 months since your update on copper. It looks the red metal is doing a double zig-zag. With a wide ranged negative candle on friday, an overlap at 367cents looks likely and this may eventually lead to the revisit of previous 4th at 280 later. What are your thoughts?
please update your view on copper as its almost six months.
I tried to continue doing elliott wave analysis for copper from where you left off back in September 2011. It seems to me that we are completing or have completed a complex wave 4. But, wave 4 has overlapped wave 1. Elliott wave analysis mentions that wave 4 cannot overlap wave 1 except within a diagonal triangle. From what I understand, this isn’t a diagonal triangle.
Your comments are greatly appreciated.
HI Karan, You need to revisit the old chart. Where is Wave 3 if you are speaking of a wave 4 now? Yes, we have recently overlapped the 371 high which means the move from 300 to 398 is only corrective.
Write more, thats all I have to say. Literally, it seems as
though you relied on the video to make your point. You definitely know what youre talking about, why throw away your
intelligence on just posting videos to your site when you could be giving
us something enlightening to read?
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